Key takeaways:
The Political Bureau of the Communist Party of China held a meeting on December 8 to set the tone that in 2023, China will "withstand external pressure and overcome internal difficulties" and "the economy will pick up". GDP in the first three quarters increased by 5% year-on-year2%, the economic aggregate grew rapidly. However, since November, the CPI has been negative for two consecutive months, with a year-on-year increase of -05%, PPI -3 year-on-yearThe 0% decline has widened again, proving that the current economic recovery foundation is not solid. Therefore, it is understandable that the Politburo meeting expressed the words "first establish and then break" and "moderate fiscal policy strengthening", which is expectedStronger economic stimulus policies may follow.
Zheshang ** announced that it intends to acquire the national capital **19 held by Chongqing Trust and several other companies in aggregate in cash1454% of the shares, if completed, will become the largest shareholder of the national capital. This move is another case of mergers and acquisitions in the securities industry after the China Securities Regulatory Commission expressed its support for the business mergers and acquisitions of leading companies in November to become better and stronger, and to build a first-class investment bank. We think,In the future, the leading brokerages will become bigger and stronger, and the differentiated operations of small and medium-sized brokerages will look for opportunities for overtaking in cornersJointly serving the real economy is the main theme of the development of the industry.
At present, the market meets many conditions of the investment framework of securities companies, such as the bottom of the economy, policy care, and the relaxation of brokerage business lines, and it is recommended to actively layout. At the same time, the insurance sector has also adjusted under the pressure of short-term liabilities brought about by long-term favorable policies, and the follow-up performance catalyst may lie in the short-term investment side.
Key takeaways:
OCS is Google's self-developed data center optical switch. Generally, the data exchange in the data center is a hybrid optoelectronic network, and the main interconnection between devices is realized through optical cables, copper cables, photoelectric conversion devices, and switches, ASIC Serdes, PCIe NVLink and other links. Different from the past when the signal was "converted from electrical to optical and then to electricity" between the network layers many times, OCS is an all-optical connection scheme, which realizes flexible switching of optical path through MEMS array combined with optical looper and wavelength division multiplexing optical module, so as to achieve the purpose of directly forming a switching network through optical signals (suitable for repeated AI training).
OCS optical switching networks are independent of data rate and wavelength, even if the hashrate network infrastructure bandwidth is upgraded from 100 GB s to 200 GB s or even up to 1With a rate of 6T and higher, the OCS solution is compatible at the backbone layer. In other words, the upgrade and iteration of optical communication networks under the OCS solution may not be bottlenecked by the bandwidth and port rate of traditional network chips, but can be iterated entirely based on traffic growth rate and cost economy.
We believe that NVIDIA will also focus on innovation in network topology in the future, including many ideas including OCS and new topologies, superimposed on technology paths such as CPO, orIt will reconstruct our current understanding of communication networks.
Key takeaways:
*c Data release early December panel**:
1) 32-inch panels** are expected to drop by $2 in December.
2) The 43-inch panel is expected to drop by $2 in December.
3) 50-55 inch panels** are expected to drop by $2-3 in December.
4) 65-75 inch panels** are expected to drop by $3 in December. Affected by the rise in channel inventory + weakening terminal demand, the whole machine factory lowered its procurement plan, and the weakening bargaining power of the panel factory made the panel** decline since late October. The panel **short-term** or alleviate the cost pressure of the whole machine factory.
Key takeaways:
The old state-owned enterprise equipment leader, focusing on the main business and setting sail again. Xinhua Medical was founded in 1943 and listed on the Shanghai Stock Exchange in 2002, and the actual controller of the company is the State-owned Assets Supervision and Administration Commission of Shandong Province. At present, the company has four major business segments: medical equipment, pharmaceutical equipment, medical commerce and trade, and medical services, and is one of the enterprises with strong comprehensive strength and complete product categories in the domestic medical device industry. The company's development since 2011 can be divided into three stages.
1) The participation of major shareholders in the fixed increase shows confidence, and the employee incentive is improved to ensure growth. In 2023, the private placement will be implemented, and the major shareholder Shandong Yiyang Health will subscribe for 17.96 million shares (accounting for 32.).7%), demonstrating confidence in the company's development. In 2021, the company issued an equity incentive plan. In 2022, the company's net profit deducted from non-attributable to the parent company will grow by 159% compared with 2020, which has exceeded the incentive target.
2) Promote the optimization of product structure in multiple dimensions, and the gross profit margin is expected to continue to increase. The company's product structure optimization route: focus on the main business, continue to promote the increase in the proportion of medical device and pharmaceutical equipment business revenue;Medical device products are developing towards high-end;Increase the proportion of consumables products;Private placement and investment projects promote the upgrading of product structure.
3) Overseas business is developing rapidly, and the prospect of international business is promising. The company's overseas revenue in 2022-2023H1 has grown rapidly, the overseas marketing structure has been gradually improved, and the market development has achieved initial results. There have been important breakthroughs in the field of medical devices and pharmaceutical equipment. The company's international revenue in 2023H1 accounted for only 2% of total revenue, and the prospect of the long-term international business segment is promising.
Key takeaways:
On October 27, 2023, the company announced that it was included in the list of high-tech enterprises to be recognized in Shanghai in 2023 and passed the publicity, and will be reported to relevant departments for filing. On December 8, 2023, the company announced that it had passed the 2023 high-tech enterprise certification and completed the filing, with a validity period of three years. According to the relevant regulations, the company can enjoy the relevant preferential tax policies of enterprise income tax at a reduced rate of 15 for three consecutive years (2023-2025) from the year in which the company is recognized as a high-tech enterprise.
The innovation-driven growth capability was recognized, and the brand image was improved. The company has been recognized as a high-tech enterprise, and its core independent intellectual property reserves, scientific and technological achievements conversion capabilities, and research and development organization and management level have been recognizedThe reputation and brand image of the enterprise have been improved.
The preferential income tax rate of 15 was reduced, which significantly increased the company's performance. The company's corporate income tax rate will be adjusted from 25% to 15% within three years from January 1, 2023From January to September 2023, the company has paid the original income tax rate, and it is expected that the overpaid part will be refunded in the fourth quarter. According to our calculations, the reduction in the income tax rate will bring 11-1.About 200 million yuan positive impact.
Key takeaways:
International Composites will be listed on the GEM on December 7, 2023. After excluding the liquidity premium factor, we estimate the AHP score of the international composite material to be 274 points, located in the non-science and technology innovation system with a total score of 37The 3% percentile is at the upper upstream level. After considering the liquidity premium factor, we estimate the AHP score of the international composite material to be 273 points, which is 44 out of the total score of the non-science and technology innovation system0% quantile, at the upper upstream level. Assuming that the shortlisting rate is 90%, under the neutral expectation scenario, the placement ratio of the two types of placement objects A and B under the international composite material network is0248%。
The world's top four glass fiber production capacity, multi-field product applications are in full bloom. International Composite Materials is one of the companies with the largest variety and specifications of mass production of glass fiber in the industry, and has cultivated a series of products with global competitive advantages in the fields of wind power blades, engineering plastics, electronic appliances and power insulation, some of which have successfully broken the monopoly of foreign manufacturers, and established stable cooperative relations with well-known enterprises such as Zhuzhou Times, DuPont and BASF. The company's production capacity in 2020 ranked first in the world.
Fourth, the third in China. Among them, in the field of wind turbine blades, the company has become one of the world's most important wind power yarn and fabric manufacturers, with a market share of more than 25%. In the field of electronics, the company's self-developed low-dielectric glass fiber for 5G with independent intellectual property rights has been mass-produced, and has been applied to Huawei's flagship series of mobile phones, key wave-transmitting products for 5G high-frequency communication and other products.